Symantec's revenues increased 5% to $1.36 billion. The company snagged 376 customer contracts with values of more than $300,000, and 99 deals in excess of $1 million. The company's focus on broader product offerings appears to invite larger deal sizes. Roughly 77% of Symantec's large transactions involved multiple products and services.
Symantec's February launch of its Norton 360 security product was another bright spot. With 1 million units already shipped, it's the most successful debut in the company's history.
Net income was less inspiring, dropping by nearly half to $61 million, or $0.07 per share. The drop was partly owed to a $51 million restructuring charge for workforce reduction and facilities consolidation.
In its efforts to improve the overall efficiency of its operations, Symantec is expected to slash $200 million in costs for the year. Toward this end, it's melding its enterprise resource planning (ERP) systems and changing the compensation structures of its sales force, among other efforts.
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In the meantime, management seems to be performing in a shareholder-friendly fashion. In fiscal Q4, it repurchased $500 million worth of its own stock. In the same quarter, the company posted cash flows between $560 million and $570 million.
Combined with a compelling valuation, these accomplishments should catch the interest of Foolish investors. It's no surprise, then, that Symantec's already a selection of our Motley Fool Inside Value newsletter.
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Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. He is currently ranked 1,610 out of 28,402 in CAPS.